The solenoid valve market is expected to reach USD 4.41 Billion by 2022, at a CAGR of 3.54% between 2016 and 2022.

This market registered a shipment of 12.94 Million units in 2015 and is expected to reach 20.29 Million units by 2022, at a CAGR of 6.35% between 2016 and 2022. The major factors driving the growth of this market include the growing investments in various industries across developing economies such as China and India and greater preference for increasing process automation worldwide thereby decreasing production costs.

The chemical & petrochemical industry in the solenoid valve market held the largest share in 2015

The solenoid valve market on the basis of industry vertical has been segmented into oil & gas, chemical & petrochemical, water & wastewater, food & beverages, pharmaceuticals, power generation, automobile, medical, and others.

Among the various industries considered for the study, the chemical & petrochemical industry held the largest share in 2015. This market is expected to grow at a significant rate between 2016 and 2022, driven by the growing installations of solenoid valves in different phases of oil & gas extraction processes. The continuous retrofit works in this industry would significantly contribute to this market.

The market for 3-way solenoid valves is expected to grow rapidly during the forecast period

The solenoid valve market based on valve design type has been segmented into 2-way, 3-way, and 4-way solenoid valves. Among these valves, the 3-way solenoid valves are expected to witness the highest growth during the forecast period. The major reasons for the growth of this market include growing usage of these valves in water & wastewater treatment plants.

The global solenoid valve market was valued at USD 3.44 Billion in 2015 and is expected reach USD 4.41 Billion by 2022, at a CAGR of 3.54% during the forecast period. The market is expected to register a shipment of 20.29 Million units by 2022 from 12.94 Million units in 2015. The base year considered for the study is 2015 and the market size has been forecast between 2016 and 2022.

The research methodology used to estimate and forecast the solenoid valve market begins with gathering data on key vendor revenues through secondary research. The top-down and bottom-up approaches have been used to estimate and validate the size of the global market.

The research methodology also includes the study of annual and financial reports of the top market players as well as interviews of industry experts (such as CEOs, VPs, directors, and marketing executives) for key insights (both, quantitative and qualitative) on the market. All percentage shares, splits, and breakdowns have been determined by using secondary sources and verified through primary sources.

The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Also, the retrofit works in various phases of oil & gas extraction process further contribute to this growing market.

Graphical Analysis:
The solenoid valve market in the Americas region held the highest market size, in terms of value in 2015, while the market in APAC is expected to exhibit the fastest-growth rate between 2016 and 2022.
The factors contributing to this growth include growing importance for providing safe and clean drinking water worldwide, which is leading to the increasing investments in water treatment plants thereby creating a demand for utilization of solenoid valves.

The oil & gas, chemical & petrochemical, water & wastewater, food & beverages, power generation, pharmaceuticals, automotive, and medical are some of the key industry verticals where solenoid valves are utilized.

The chemical & petrochemical industry held the largest market share in 2015, followed by oil & gas, water & wastewater, power generation, food & beverages, and automotive industries. The major reasons for this growth include the highest deployment of solenoid valves in this industry.

The solenoid valve market in North America is expected to hold the largest share of the global solenoid valve market by 2022

About MarketsandMarkets
MarketsandMarkets is the world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM".

We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.

Press Information

Published by

Contact Rameshwar Mali

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact PR4US. We will not be able to assist you. PR4US disclaims the content included in this release.

Preparing for PR: Five Hot Tips for Startups

PR Fundamentals for Startups - MaRS Best Practices

Public Relations 101

Public Relations Strategy in Our World Today!

Introduction to Public Relations

Trends in Communicating

How to Do Marketing/PR on a Budget - CoInvent Startup Summit 2014 New York